Sudden Increase in Housing And Automobile Loans
By Joseph Samson
Aug 14, 2013
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The Kotak Mahindra Bank has revised its rate of interest to 10% from 9.75%. This is because of the increase in operational expenses of the bank. The revised interest is with effect from 13th of August, 2013. The Benchmark prime lending rate has also been increased by .25%. Since the INR is losing stability, banks have been forced to modify the interest rate for their loans. The HDFC bank is the second largest money lender of India and during the first week of August 2013, the bank had revised the rate of interest from 9.6% to 9.8%. Reserve Bank of India has kept its repo rate at 7.25%. In the foreign exchange market, the INR is crashing and on July 15th of 2013, the RBI revised the lending rate to 10.25 percent, for the purpose of controlling the continuous slump of the Indian Rupee and also restricted the repo window to INR 75,000 crore.

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